This article discusses the concept of entrepreneurship and its impact on the economy and society. It focuses on Jeff Bezos, the founder of Amazon, and his successful entrepreneurial journey. It also explores the innovative products and services introduced by Amazon in the market.
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Table of Contents INTRODUCTION...........................................................................................................................1 MAIN BODY...................................................................................................................................1 A) About the Entrepreneur..........................................................................................................1 B) About the Entrepreneurial Organization...............................................................................4 C) About Contribution to the Economy and Society.................................................................6 CONCLUSION AND RECOMMENDATIONS............................................................................7 REFERENCES...............................................................................................................................9
INTRODUCTION Entrepreneurship is refers to the activity of setting a new business with the aim of generating huge returns. Mainly, it is an effective process of designing, launching a new business that serve new and innovative products in market place to make a huge profit at market place. In addition to this, it is consider as a capacity and willingness to create, organise and manage a business activity along with risk in order to generate huge profitability level. An individual, who create innovative ideas and take risk called entrepreneur (Parker, 2018). They have ability to run a new business with the aim of enhancing the productivity level and at the same time also create huge opportunities in-front of people by creating various job opportunities. Current report is based on Amazon. Com, Inc. is a famous Amarican multinational technology company operate their business in over the world. It is located in Seattle, Washington and focus on cloud computing, e-commerce digital streaming and artificial intelligence. Mainly, Amazon is a world's largest online marketplace that provide various services to consumers as per their needs and wants. This company was founded in June 5, 1994 by Jeff Bezos that serve worldwide area. Furthermore, company is largest internet company in relation to revenue in the entire world and also most valuable company that provide best services in market place through online platform. In addition to this, report is going to discussed about the entrepreneur along with its personality traits. Brief discussion about the entrepreneurial organization and its contribution to the economy and society is also mentioned in this project. At last, conclusion and recommendations is also discussed here for further improvement. MAIN BODY A) About the Entrepreneur Jeff Bezos is an American internet entrepreneur, investor, industrialist, and media proprietor. As he is famous and successful entrepreneur and also known as the founder, CEO and president of Amazon multinational company. He was born in January 12, 1964and in 2017 he has been the world's richest person and also known by richest man in modern history. Currently, his company is famous and world's largest online sales organization and largest internet company by its revenue. His successful business venture made him one of the richest people in the world. Personality traits of the entrepreneurs 1
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Entrepreneurship is consider as an important activity to operate and run a new business in order to attain success at market place. In this regard, a person who take risk and create new ideas called entrepreneur as they always find an innovative ways to organise their business. This can be beneficial in improving the performance level of their venture (Burns, 2016). In context of this, there are are various factors that directly contributes to the overall success of an entrepreneurs as they operate or launch their business. As factors are related with timing of launching a new business, how competitive their market and the amount of capital that are able to obtain. In relation to this,Jeff Bezos is a successful entrepreneur as he have ability to run their business in an effective way. Some personality traits ofJeff Bezos that made him successful within their business: Hardcore realist: In order to run a new business, this personality trait is important to have an entrepreneur. In relation to this,Jeff Bezos has the most crucial personality as it is a realist man and also weighs all the possibilities. Before running or launching their business in the market Bezos had accepted that business might be fail and investment would go down. But he has the habit to take risk and also recognise the adverse impact and take the decision as per their ideas. Now he is world's successful entrepreneur of World leading Amazon company. Risk taker: This type of personality trait is also significant to made entrepreneur successful in market place. Jeff Bezos has this type of personality as he made up his mind to start up their own business as he had no proper money at a initial stage. As he knew that there was huge chances of failure but at the same time his perseverance did not let him back out from the risky situation. Now, he is one of successful and richest man in the entire world. Highly competitive: It is one of the most renowned trait and quality of Jeff Bezos as he is a competitive man. He set their aims to eliminating the crave competition in market. His company, Amazon has targeted a fellow competitors dealing with child products as they cut down their prices of the products to eliminate their competitors. This is the reason that Jeff Bezos come out on top as a winner in market and generate huge profitability. Entrepreneur recognise the opportunity An entrepreneur discover huge opportunities when they search ideas in existing markets. In this evaluating as well as recognising the opportunities is one of the cognitive process that help in increasing the possibilities of attaining success (Kuratko, 2016). In relation to this, recognise entrepreneur opportunities is first step for an individual who is going to start a business 2
with the aim of generating huge profitability. Mainly, a new business is always focus in introducing innovative products in market that may contributes in inviting more and more customers towards its services. As opportunity concept has give much important to the outcomes as it includes creating new ways and at the same time also develop a new products. This can provide path to run its new venture through which entrepreneurs can generate returns and increase the possibilities of attaining competitive success (Read and et. al., 2016). Furthermore, opportunitiesrecognitionis refersto the attributesthat isunder personal controlof the entrepreneurs. As it also includes intrinsic and extrinsic factor analysis that help entrepreneur to understand their personal traits and at the same also support in determining the area to set up their new business in competitive market. Thus, it is crucial for entrepreneurs to evaluate the opportunities before launching a new business so that they can easily attain success at market place and make their new venture more effective and successful as well. In addition to this, entrepreneurs also create opportunities at the time they engage with others in presenting ideas. As it is also refers to the social process that based over the ability of an entrepreneur interact with others and determine the area for success. In relation to this, there are two ways that used by entrepreneur to recognise opportunities such as discovering and creating. As it is totally based over the people who start a business to understand that what is the foremost suitable for them. Innovative products/services introduced in the market Amazon. Com, Inc is a famous online company that operate their business in almost over the world. The main focus of this organization is to serve best quality and innovative products so that large number of people can easily connected with that. It may support in maximising the profitability level at market place. Along with this, company started as an online marketplace to sell software, video games, electronics, apparel, furniture, toys, food and jewellery. This will directly contributes in increasing its footprint as a physical retailer and make its brand image more competitive. Furthermore, Echo, Fire table, Fire TV, Fire OS, Kindle are the main products that serve by company in market place (Kraus and et. al., 2018). As it provide assistance in increasing its profit ratio and at the same time also enhance its customers base. Apart from this, there are various services such as Amazon.com, Amazon Alexa, Amazon Appstrore, Amazon Music, Amazon Prime, Amazon Prime video, Amazon Web Service. All these services are provide by company in market place to sustain in competitive market for longer period of time. With the help of this, firm can capture larger market share and also enhance its profitability level. 3
B) About the Entrepreneurial Organization Entrepreneur build the entrepreneurial team Entrepreneurial team play a significant role in running a new venture as it consist two or more than person have a common interest and also commitment to a venture success. Along with this, their work is also interdependent in the pursuit of all the common goals and business success. Thus, it is crucial for entrepreneurs to build an effective team so that they can generate larger profitability level by managing any kind of uncertain aspects and situation. Without right team, an entrepreneur is not able to sustain for long in market place (Burns and Dewhurst, 2016). This means that entrepreneur not only invest their money or time into getting employee to work bit he also required to get right people so that each and every activities of new business can be easily carried out. In this context, there are some important ways that must have an entrepreneur to build a team. These are as follows: Ensure that people with the right approach and attitude: After launching a new business, every entrepreneur wants to pick right people along with appropriate approach and attitude as it may increase the possibilities of attaining all the set targets in an effective manner.For this, entrepreneur is responsible for recruit a survey on the basis of performance or out source the work from reputed HR agency. In addition to this, now a days with the use of modern technology entrepreneur can check the compatibility the competency and skills of candidates at the time of interview process. Along with this, different psychometric and personality tests is also can used to select a right one who is fit to the team. By this, entrepreneur can easily build an effective team that contributes in attaining all the group task and targets as well. Proper team engagement: It is one of the crucial way that needs to be used by entrepreneur to build an appropriate team. In this, the main focus of entrepreneur is to influence their team members to take participate within the organization activities. This can be effective in improving team engagement and at the same time also improve their performance as well. For attaining the same, proper training and development activities and workshops are also organize by entrepreneur for workers so that they enhance their new skills and also upgrade their existing skills (Welter and et. al., 2017). It may directly contributes in developing team members engagement with others and at the same time also make them connected with them. With the assistance of this, team can attain their targets in also increase possibilities for running a successful venture in marketplace. 4
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Be the ideal leader: An effective leadership play a significant role in team building. This is the reason that entrepreneur needs to be a leader and tries to encourage their employee give their best efforts. As higher level of motivation can improve team performance and they do well for attainment of their set targets in an appropriate period of time. Proper leadership may support in making team effective that contributes in successfully running the new venture in market place. Entrepreneur’s role as leader and what it takes to become a successful leader Entrepreneurial leadership is refers to the organizing as well as motivating a group of people in order to attain a common goals by implementing innovation and optimising risk aspects and also take advantage of opportunities and at the same time also manage the dynamic organizational environment (Etzkowitz and Zhou, 2017). In context to this, there are some important role of entrepreneur as a leader are as follows: Successful leader has a vision: At the time of running their new venture, an entrepreneur has clear vision that give proper direction to team members in performing their activities. With the help of clear vision, an entrepreneur become a successful leader that assist in attaining success in their new venture. Successful leader communicate well: It is important for entrepreneur to communicate well with others as it assist in encouraging two way communication between team members and entrepreneur as well. To become a successful leader, it is important role of entrepreneur to interact with other and keep them aware about all the vision and goals. This can be contributes in eliminating the possibilities of arising issues and conflicts in attainment of set objectives. Successful leader supports the employees: In a new venture, an entrepreneur act as a leader as they encourage their employees and also guides them so that they can easily handle their activities without any kind of fear (Storey, 2016). In addition to this, entrepreneur also provide them appropriate feedback in order to ensure them positive attitude and actions. It leads in enhancing the team activities and performance as well. Entrepreneur grow the business In a globalised world, every entrepreneur wants to grow their business at global level as it mayprovideopportunitiestoenhancetheirperformancelevel.Mainly,entrepreneuris responsible for analysing business environment and market activities wherein they wants to 5
launch their new venture. As it provide opportunities to improve their business activities and also provide chances to attain competitive advantage from its rivals. Along with this, proper market analysis is also important for entrepreneur to evaluate that support them in determining the area in which entrepreneur can established their new venture (Chowdhury, Audretsch and Belitski, 2019). Furthermore, proper and enough fund is also crucial at the time of developing as well as running a new venture. Thus, entrepreneur is responsible for keeping enough fund in launching its new business as it may eliminate the issues that can be arise at the time of operating venture. With the assistance of this, an entrepreneur can easily established its successful business in market place. C) About Contribution to the Economy and Society Evaluate the contribution to the economy Entrepreneurship is refers to the process of creating as well as developing a new business that put huge impact over the betterment of economy and society as well. As it is stated that entrepreneurship and economic growth is liked with each others because it support in generating wealth and also improve the living standard of local people. In addition to this, entrepreneurship issignificantlycontributesinsustainableeconomicdevelopmentbycreatingvariousjob opportunities for local people, reduce poverty, develop living standard of people, increase in GDP and enhance society welfare. Furthermore,it is also help in driving changeswith innovation in which new and quality products are developed and also enable new market. In context to this, there are some major contribution of entrepreneurship over the economy and society are as follows: ď‚·Job creation: For economic development, entrepreneurship is one of the important activity as it provide various benefits to local people by generating employment. As it also create new technologies and area in which job creation is crucial to attain success in market place. When an entrepreneur operate their new venture then they required employee for continue the same (Ateljevic and Page, 2017). For this, new business arise the opportunities of new jobs for people so that they can easily manage their living standard and at the same time also reduce poverty within the nation. ď‚·Wealth creation: Entrepreneurship is refers to the effective way to create wealth in the economy as new and improved products and services from entrepreneur may help in enable new market to be developed that directly contributes in creating wealth. This will 6
improve the living standard of people that help in developing the economic growth of the nation. ď‚·New production innovation: Entrepreneurship is an effective way to create or develop new products that help in capturing customers attention and also influence them to but the same. By offering unique goods and services entrepreneurs can easily break away from tradition. As s result in improving quality of life of people, enhance their morale and also greater economic freedom (Terjesen, Hessels and Li, 2016). All these are beneficial in developing economic growth and also enhance social welfare. ď‚·Identifying existing opportunities in the market: Entrepreneurship play a crucial role on society and market development, as it help in providing innovative goods and services to satisfycustomerneedsandatthesametimealsoimprovetheirlivelihoods.For attainment of this, entrepreneurs undertake market research that provide information about existing customers needs. It can be beneficial in improving the living standard and also make market more competitive because of innovative products. Evaluate the survival issues As per current scenario, whole world are facing COVID-19 pandemic situation as it also affect the entire activities ofentire world. In addition to this, it also affect the each business industry in various different ways. Due to this issue, companies are closed that operational activities because they fails in handling this type of pandemic situation. In this issue, employee are loosing their jobs and at the same time also suffer from this hard situation. As it also put negative impact over the economic growth of the nation. Itmay increase unemployment within the economy. In organisational context, due to COVID-19, employee of company is also get demotivated because they doesn't get fair salary and wages on time. Due to this, company also reduce its image in market place. Thus, it is crucial for Amazon to provide fair values to their employees and provide them assistance at the time of undertaking task activities. This can be beneficial in making employee productive and motivated so that they can easily handle their current activities. In addition to this, company also responsible for analysing all the necessary aspects and activities present in the market place. With the help of this company can easily provide values to its target customers and established positive image in market place. 7
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CONCLUSION AND RECOMMENDATIONS From the above mentioned report it has been concluded that entrepreneurship is one of the important process of launching as well as running a new business. As it provide opportunities to expand their activities by generating huge returns. In addition to this, an individual who have ability and willingness to take risk and convert into more profits called entrepreneur. Mainly, it is crucial for entrepreneur to recognise the opportunities before running its business activities because it provides area for attaining success and make their business more successful. Apart from this, every entrepreneur have personality traits that made them effective and efficient in operating its new venture.Therefore, entrepreneurs needs to build an effective entrepreneurial team so that each and every activities of new venture can be easily implement in market place. Entrepreneurs should evaluate and analyse the appropriate area for growing their business. As it required enough fund and resources that contributes in enhancing the possibilities of accomplish successat marketplace.Furthermore,for attainingcompetitivesuccessinmarketplace, entrepreneur needs to undertake market research before launching its new venture as it help in providing all the necessary information about the customers and market trends as well. This will directly contributes in developing overall performance of the company in competitive market place. 8
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